05-12-2018
X-factor VAT bonus

The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of the single are going to two children’s charities; Together for Short Lives and Shooting Star Chase Children’s Hospice.

Both charities provide support for children with life-limiting illnesses and their families. The donation will be the equivalent of the sum of the VAT receipts collected on sales of the single the winner of the reality show.

The Chancellor commented that:

‘Sales from this year’s X Factor charity single will help children with life-limiting diseases and their families. We will donate the VAT paid on the sales, ensuring more people can benefit from this crucial funding. The single goes a huge way in raising awareness of valuable causes and the charities behind them and that’s why the government has supported the X factor Christmas single with donations worth more than £300,000 over the last eight years. From the whole government, we wish everyone in the final the best of luck.’

The government has previously waived the VAT on previous X-Factor singles as well as for the 2016 Jo Cox Foundation single, 2015 Save the Children single, 2011’s Military Wives Choir single and the 2010 Haiti earthquake appeal single.

Source: HM Treasury | 05-12-2018

Back

Post a Comment

Your email address will not be published. Required fields are marked *

*

  • ABOUT US

    the accountancy practice kent logo

    The Accountancy Practice is a Kent based firm specialising in small and medium sized businesses. We provide a friendly, professional service and regard our smallest client as important as our largest.
  • Latest News

    12-12-2018
    VAT on property service charges

    A new Revenue and ... read more

    12-12-2018
    Are you ready for VAT filing changes April 2019?

    The introduction of ... read more

    12-12-2018
    Is your income approaching £100,000?

    For high earning ... read more

    More news

  • CONTACT US

    The Accountancy Practice
    10 Churchill Square
    Kings Hill
    West Malling
    Kent ME 19 4YU

    01732 897929

    Fax: 01732 897939
    info@theaccountancypracticeltd.co.uk


    Facebook
    Twitter
    Linkedin
  • Why choose us

    By working more closely with you than traditional accountants, The Accountancy Practice is able to gain a deeper understanding of your individual business needs. We are then on hand to support you with day to day issues and provide ongoing financial and taxation expertise. You can think of us as your virtual Financial Director.